12. Suspension of Cover Benefit
reduced by the amount paid.
A life assured can suspend their cover under this benefit appendix for up to 12 months if they:
The Repatriation Benefit may be paid in addition to the Bereavement Support Benefit but no more than the Life Cover Benefit sum assured will be paid for both benefits. If the life assured is the sole policy owner , we will pay a maximum of $15,000 in total across both the Repatriation Benefit and the Bereavement Support Benefit.
go on parental leave;
go on leave without pay for any reason;
become unemployed or redundant;
experience at least a 20% reduction in pay (comparing the most recent payslip against a previous payslip from the same year); or
10. Counselling Benefit
The Counselling Benefit covers the cost of a Psychiatrist or Psychologist consultation and/or counselling for the life assured and/or a close relative of the life assured where the support treatments and/or consultations directly relate to a claim under the Life Cover Benefit, the Specified Terminal Conditions Benefit or Terminal Illness Benefit. After referral by a registered medical practitioner we will reimburse up to $2,500 including GST (in total) per life assured , subject to the following conditions: The consultation and/or counselling must be paid for within three months following AIA paying the Life Cover Benefit, the Specified Terminal Conditions Benefit or Terminal Illness Benefit claim; and AIA must be provided with a receipt for the consultation and/or counselling being claimed. The $2,500 is payable once per life assured per policy. This is in addition to the sum assured.
if self-employed, experience a 30% reduction in revenue (by comparing one month’s revenue against the same month for the previous year),
provided that:
The premium type shown in the schedule for the Life Cover Benefit is Rate for Age;
you notify AIA within three months of one of the above
listed suspension events occurring and provide evidence to AIA of the suspension event; and
AIA acknowledges in writing receipt of that notification.
Cover for the life assured will be suspended from the date set out in AIA ’s written acknowledg ement.
No premium will be payable during the period that the cover is suspended. No claim under this benefit appendix will be payable for any claim event that occurs during the period that the cover is suspended. A claim may only be payable if the life assured first meets the criteria for an eligible claim under this policy after their cover is reinstated. Cover under this benefit appendix may be reinstated at the end of the suspension period in accordance with this Section without the need to provide further medical evidence, provided that the benefit has been suspended for no longer than 12 months.
11. Premium Conversion Facility
You may at any time:
Convert all or part of your Life Cover Benefit from the premium type shown in the schedule to a Level premium structure; or Convert a Level premium structure to an alternate Level premium structure, of which term duration may be the same or less than the current Level premium structure. AIA will not require you or the life assured to produce further medical evidence at the time of conversion. You will be issued a new policy for the sum assured amount of Life Cover Benefit being converted, in which case: The Life Cover Benefit under this policy will be reduced by the sum assured amount converted. The new policy will be issued based on the information provided at the time of conversion, together with the information provided in the original proposal. The terms and conditions of the new policy will be those which are then offered by us to the general public.
At the end of the suspension period, the benefit will be automatically reinstated for the life assured .
Cover for the life assured will be reinstated from the date set out in AIA’s written acknowledgement. The premium payable for the reinstated benefit will be based on AIA’s premium rates at the time of the reinstatement.
13. Optional Life Future Insurability Benefit
The Optional Life Future Insurability Benefit applies only if shown in the schedule . Where an Optional Life Future Insurability Benefit is selected, the original Life Cover Benefit may be increased without the need to provide further medical evidence, subject to the following conditions: The Life Cover Benefit may be increased by up to 20% of the original Life Cover Benefit or $100,000, whichever is the greater, every three years on the anniversary date .
Premiums will be calculated on the current age of the life assured .
Any special terms, exclusions or premium loadings that applied to your existing Life Cover Benefit under this policy will apply to your new Life Cover Benefit under the new policy.
1101 AL-LIFE version 5 Effective 10 October 2023
Page 4 of 5
Powered by FlippingBook